Elliott Wave Analysis On EURGBP And AUDUSD

On EURGBP our view remains bearish. We see a five wave decline from 0.7847 that suggests more weakness ahead, but after a three wave corrective bounce that can be underway in wave 2/B. Ideally that’s a small flat where price can retest 0.7788 resistance before downtrend resumes for wave 3/C down. Invalidation level is at 0.7848; as long it will hold we are looking down.

EURGBP Hourly Chart

On the intraday chart of AUDUSD, pair completed a five wave sequnece in black wave 3, with five minor sub-waves. As we know, after every five wave move, a three wave of a pullback follows, so in our case, we now expect price to slow down for a minimum of three legs in black wave 4. Support levels are seen near 0.74253 area, in the region of a previous minor wave iv, which can react as a turning point.